U.S. President Donald Trump struck a defiant tone on Friday, saying trade wars were good and easy to win, after his plan to put tariffs on steel and aluminum imports triggered threats of retaliation from trading partners and a slide in stock markets.
The European Union raised the possibility of taking countermeasures, France said the duties would be unacceptable, and China urged Trump to show restraint. Canada, the biggest supplier of steel and aluminum to the United States, said it would retaliate if hit by U.S. tariffs.
The S&P 500 ended another turbulent week on an upbeat note Friday but major indexes posted their worst week of losses since early February as Trump’s threat to impose import tariffs on steel and aluminum rattled investors. The dollar fell against most currencies, dropping to its lowest in more than two years against the yen, as Trump’s tariffs proposal raised prospects of a damaging trade war.
